Merchant Account
A business bank account for accepting card payments from customers.
Detailed Description
Merchant Account
What is the primary function of a merchant account?
The primary function of a merchant account is to enable businesses to accept and process electronic payment transactions, primarily through credit and debit cards.
What are the types of merchant accounts available?
The types of merchant accounts include retail, e-commerce, mobile, and high-risk merchant accounts.
What steps are involved in obtaining a merchant account?
To obtain a merchant account, a business must research providers, complete an application, undergo a review, sign an agreement, and set up payment processing.
What common fees are associated with merchant accounts?
Common fees include transaction fees, monthly fees, setup fees, and chargeback fees.
What regulatory compliance must businesses adhere to for merchant accounts?
Businesses must comply with the Payment Card Industry Data Security Standard (PCI DSS) to ensure the security and privacy of customer data.